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Some Listed San Diego Short Sales Are Not Closeable

If you are a San Diego home buyer who is considering purchasing a short sale listing in San Diego, you understand that the process may take several months before you get solid answers. You should know up front that some San Diego short sales that are currently listed for sale in the San Diego MLS are not closeable. They may not be closeable for several reasons. It may have to do with the homeowner. The homeowner may have assets other than the home for sale and also may be unwilling to make a contribution to help the San Diego short sale close. The homeowner may have listed the property for sale but has since changed his/her mind and be unwilling to cooperate in the San Diego short sale process. Another reason could deal with the property itself. The property may back up to a freeway or a railroad (or have power lines running through the backyard). Most logical people understand that these elements have the potential of lowering the value of the property. However, if the agents who completed the BPO for the short sale lender(s) were not aware of those factors and those agents looked at the sales of homes across the street or a few blocks down from the property, the San Diego short sale's lenders may think the property is worth more than it is truly worth. Another factor that could make a listed San Diego short sale uncloseable would be liens. What if the property has an HOA lien, or a tax lien, or a child support lien? These have the potential of rendering a listed San Diego short sale uncloseable.

Of course, there could be even more reasons, but the point of this article is to remind buyers that just because a San Diego property is listed as a short sale does not mean it is approved by all parties to sell as a short sale. As a serious San Diego home buyer you should work closely with your San DIego real estate exclusive buyer agent to determine whether or not a short sale is closeable (and find out as early in the process as possible). It is possible that months could go by until anyone finds out that a short sale is uncloseable. Be sure to look at your time frame, your motivation, and your level of patience before you make the decision to consider San Diego short sales as a viable option for your San Diego home purchase.

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San Diego Exclusive Buyer Agent, Justin GrammJustin Gramm is the founder and principal broker of Globella Buyers Realty, your San Diego Exclusive Buyer Brokerage. He also writes a blog, "For San Diego Home Buyers."

Exclusive Buyer Agents do not list homes for sale and never represent sellers. They have no "inventory" to try to sell you. They can represent you in purchasing any home. They are specialists at representing buyers only on the buyers' side of the transaction. Exclusive Buyer Agents work to get buyers the best price and terms when they buy a home.

If you have excellent credit and plan to buy a home or condo in San Diego County within 90 days, contact Justin Gramm to hire an agent on your side of the transaction. Call Justin at (858) 437-2662 or  E-mail.


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More on Short Sales:

> Short Sale Defined

> Some Listed Short Sales are Not Closeable

> Why Do Banks Even Consider Short Sales?

> The Ideal Short Sale Seller

> Preparing a Short Sale Offer

> How a Short Sale Lender Analyzes an Offer

> Short Sale Lenders' Approval Options

> Different Short Sale Lenders Act Differently

> Loss Mitigation vs. Foreclosure Departments

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